Suncor sells Alberta conventional oil properties for C$168.5 million
CALGARY Alberta (Reuters) - Suncor Energy Inc (SU.TO), Canada's largest oil sands producer, said on Wednesday it has agreed to sell some oil and gas properties in Alberta to Tamarack Valley Energy Ltd (TVE.V) for C$168.5 million ($154.8 million) as it continues to winnow its inventory of conventional oil and gas properties.
Tamarack Valley, a Calgary-based junior oil and gas producer, will acquire Suncor's Wilson Creek assets in central Alberta, producing 1,702 barrels of oil equivalent per day per day.
Suncor has been narrowing its focus on Alberta's oil sands and selling off conventional properties as it expands its operations near Fort McMurray, Alberta. It last year sold its natural-pas operations to Centrica Plc (CNA.L) and Qatar Petroleum International for C$1 billion.
The sale is expected to close by year end.
Suncor shares closed up 44 Canadian cents to C$44.11 on the Toronto Stock Exchange on Wednesday while Tamarack Valley fell 12 Canadian cents to C$7.43 on the TSX Venture Exchange.